Vector boss calls for energy ministry

more co-ordination would be required, which could also require consolidating some of the existing regulatory functions in the sector.

Currently, the Electricity Authority, the Commerce Commission, state-owned system operator Transpower and multiple ministries all have roles in the industry.

Consultant Boston Consulting Group released a report on Tuesday, which was funded by power companies including the main generators and Vector, and which estimated $42 billion would need to be invested in new generation and in electricity network upgrades in the current decade.

That investment would be required in part to meet the extra needs created by the greater electrification of industry and transport and the phase-out of fossilfuelled generation, it said.

But Mackenzie said regulation of the industry was ‘‘disjointed’’ with generation, retailing, the national grid, and local distribution networks managed in isolation of one another, leading to the risk of necessary changes ‘‘falling through the cracks’’.